Thursday, August 17, 2023 8:10:47 PM
Yes, it was a down quarter compared to last year but if you look at the details it was down primarily due to the Nomad recall. Adding that amount back in would give you a flat Q as far as sales go. I can make a case that the balance of the business is doing as good as could be expected given the overall economy.
Two other positive numbers I see is the 21.7% reduction in SG&A expenses and the 93.7 % reduction in stock based compensation. That's a good indication that management understands that keeping expenses under control is very important. To get these numbers down during the same time that sales are soft is a commendable accomplishment. Many businesses have a hard time reducing expenses when sales are soft.
My overall opinion is that management is doing a respectable job of running the business. I have said many times in the past that they need to find a way to increase sales. Right now the Fed is determined to continue the fight against inflation and the result will probably be a slower economy so it won't be easy.
The only place where success comes before work is in the dictionary
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